“There’s going to be a time when what we are willing to pay matches what the seller is willing to accept so we’re going to stay true to our fundamentals.” -Gary Lipsky
Today I am interviewing Gary Lipsky who is the President of Break of Day Capital which is a company that helps investors with passive investing for wealth and legacy building using the asset of multi-family properties that are underperforming in high growth markets. Gary, who has 20+ years of entrepreneurial experience in real estate is the host of the Real Estate Investor Podcast and has more than 3000 apartment units valued over$250 million. He has built various successful businesses over the years and is the best selling Author of a book titled Best of Class.
Gary Lipsky: Since a kid had an entrepreneurial spirit. In college along with his roommate, started a restaurant delivery service in New York. After college he was working as a production assistant on film sets before deciding to make and co-produce a few independent films. Later on he got involved in another business running after school programs which he sold in 2016 to go into real estate full time.
TOPICS COVERED IN THE EPISODE
Who you are matters most
Being in it for the long haul
The importance of giving back
Gary’s background in working with underprivileged youth
Putting a team together to create solutions
Making mistakes along the way
Moving up the ranks in responsibility
Maintaining composure in the difficult field of real estate
Quality over quantity
How is the current recession affecting current deals
Increases value adds
Looking outside the box to create deals
Converting office space into multi-family properties
Understanding and anticipating cash flow
How Gary made it in to the American Apartments Owners Association
Build in buffers in your underwriting
The importance of taking care of your staff and property managers
What does financial freedom bring you
Listen now and find out how Gary found his Real Estate Breakthrough!
The Real Estate Breakthrough Show with Christina Suter is where we talk about the reality of real estate, the mindset you need and the tips and tricks to get you moving forward in investing. Join us every other week and learn everything you need to know to invest in real estate on Youtube, iTunes, Spotify, and more. You can watch Gary’s interview on Youtube here.
Find out more about Gary here:
LinkedIn Gary Lipsky